And it was dramatic. In the years leading up to 2021, pass rates on the CFA Level 1 exam hovered around 42% to 43%. However, in 2021 that number fell precipitously to 25% in May, to 22% in July, to 26% in August, and to 27% in November. Level 2 exam pass rates also dropped significantly, with just 29% of test-takers passing in August 2021. Level 3 also saw a significant dip: while pass rates have historically been in the 54% to 56% range, only around 40% of test-takers passed the last exams.